Buying in Dubai


 

Who Can Buy?
Any investor, overseas or resident, can purchase in Dubai’s luxury property developments.

Leasehold or Freehold?
Freehold is available on most of the developments Luxury City Real Estate deals with. In some cases there is a mixture of freehold and 99-year leasehold property.

Mortgages
Mortgages are available on a 10 to 25-year basis through Luxury City Real Estate’s major banking partners. Interest rates are linked to those in the United States and the UAE market. Contact us for further details.

Payment Terms
In general, a deposit representing 10% of the buying price is required at the contract-signing stage for all new development properties. This is followed by what are known as stage payments that are made at regular intervals through to completion. Contact us for project-specific details.

Bank Accounts
Buyers do not need a local bank account to arrange purchases, though these can easily be arranged through Luxury City banking partners.

Purchase Times
Purchases normally take no longer than two weeks to complete through our one-stop shop service.

Government Tax
There are currently no government taxes of any kind when purchasing a property in Dubai. Nor is there a Capital Gains Tax. When the Dubai Lands Department registers title, buyers will pay a 1.5% tax based on the purchase price of the property. If they have a mortgage, they will pay 0.25% of the value of the loan.

Development Service Charges
Minimal service charges are payable to developers for maintenance, landscaping and refuse collection. This charge varies per development.

Residency
In general, the Dubai Government issues residence visas to new property-owners and their immediate family. These will need to be renewed every three years as per the latest immigration regulations.

Re-sale
You can sell your property or assign your agreement to anybody. This means that they will take over the payments to be made to the developer.

Appreciation
Property prices in Dubai have experienced considerable growth, and are forecast to remain this way for some time. This can be clearly seen if comparing current prices with those of 6 months ago. Talk to your Luxury City Real Estate Property Sales Consultant for project specific information.

Popular Areas
The projects in vogue today are The Palm Jumeirah, The Palm Jebel Ali, the Dubai Marina area, Dubailand (The Villa), International City.

Please see the downloadable PDF documents to the left of this page for further detail on:

• HSBC FAQs – Detailed information on our traditional banking partner, HSBC

• Tamweel FAQs – Detailed information on our Islamic banking partner HSBC, Tamweel

• Mortgage Calculator – New and improved mortgage calculator allowing approximate estimates of costs and returns.